INSURED CASH SWEEP (ICS®)
CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICES (CDARS®)
ICS and CDARS are smart, secure, and convenient ways to safeguard your large deposits. With ICS and CDARS, you can access multi-million-dollar FDIC insurance and earn interest, all through a single relationship with Industrial Bank.
Advantages of ICS and CDARS
Enjoy Peace of Mind - Funds are eligible for FDIC insurance protection beyond $250,000.
Earn Interest – Put excess cash balances to work by placing funds into money market deposit accounts (through the ICS savings option), and/or CDs (through CDARS) at competitive rates to which you agree with us.
Save Time – You are able to capitalize on the time-saving convenience of interacting with one bank – Industrial Bank. You sign one agreement, earn one interest rate, and receive regular statements. It’s that easy.
Access Funds – Make six program withdrawals per month from ICS funds placed into money market deposit accounts and unlimited withdrawals from ICS funds placed into demand deposit accounts. With CDARS, select from terms of 13 weeks to 2 years to meet your liquidity needs.
Community Investment – Feel good knowing that the full amount of funds placed through ICS and/or CDARS can support local lending opportunities that build a stronger community.
How do ICS and CDARS work?
Industrial Bank is a member of the Promontory Interfinancial Network, LLC. When you place a large deposit with Industrial Bank using ICS or CDARS, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts at other ICS Network banks using the ICS demand option, in money market deposit accounts at other ICS Network banks when using the ICS savings option, or in CDs at other CDARS Network when using CDARS. This way both principal and interest are eligible for FDIC insurance coverage.
What else should I know?
Who can use ICS and CDARS?
Businesses of all types
Public fund managers
Other large-dollar depositors
CDARS may be laddered by various terms for liquidity purposes. Subject to penalty for early withdrawal.
Funds may be submitted for placement only after a depositor enters into a CDARS or ICS Placement Agreement with us.
How can you take advantage of ICS and CDARS?
Discuss CDARS with one of our friendly Personal Bankers
or our Client Service Team at 202-722-2000 or email us at firstname.lastname@example.org